ESCADA AG

EANS-Adhoc: ESCADA AG
Board of Management decides to file for an insolvency petition in the event that bond exchange offer fails

-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Restructuring 10.08.2009 Munich, August 10, 2009 - Today the Board of Management of ESCADA AG decided that - in keeping with previous disclosures by the company - in the event the bond exchange offer fails, it would file for an insolvency petition later this week due to imminent illiquidity. The filing would be made if the minimum acceptance ratio of 80% of bond holders as described in the prospectus accepting the exchange offer cannot be attained by the end of the exchange period on Tuesday, August 11, 2009 at 3 pm CEST. The Supervisory Board of ESCADA AG is due to meet on August 12, 2009, during which the Board of Management will inform the Supervisory Board of the consequences and further steps to be taken in the event the financial restructuring fails. Under the exchange offer ESCADA AG is offering the bond holders a new bond, made up of two parts plus a cash component, which taken together carry a total nominal value of 400 euros in exchange for every 1,000 euros in nominal value of the old bond. In addition, the bondholders whose tenders are validly made and accepted receive 10 ESCADA shares from the portfolio of existing shareholders. Given the company's liquidity situation, the exchange period cannot be extended any further nor is it possible to improve the offer again. end of announcement euro adhoc -------------------------------------------------------------------------------- ots Originaltext: ESCADA AG Im Internet recherchierbar: http://www.presseportal.ch Further inquiry note: Investor Relations Yara Kes Tel.: +49 (0) 89 9944 1336 E-mail: yara.kes@de.escada.com Presse: Frank Elsner Kommunikation für Unternehmen GmbH Frank Elsner Tel.: +49 - 54 04 - 91 92 0 Email: info@elsner-kommunikation.de Not for release, publication or distribution in the United States, Australia, Italy Canada or Japan. This information does not constitute a prospectus. The exchange offer in Germany is made exclusively on the basis of the prospectus, which contains the information for investors required under statutory provisions and which is available on the websites of ESCADA AG (http://investorrelations.escada.com) and the information agent Thomson Reuters (www.escadaanleihe.com); print copies may be requested free of charge from ESCADA AG (Einsteinring 14-18, 85609 Aschheim/Munich, Germany). The prospectus prepared for the subscription offer is available free of charge from ESCADA AG (Einsteinring 14-18, 85609 Aschheim/Munich, Germany). This ad-hoc disclosure is not an offer for sale of securities in the United States. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. ESCADA AG does not intend to register any part of any offering in the United States or to conduct any public offering of securities in the United States. This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. The exchange offer is not extended to any persons (natural or legal) resident in the Republic of Italy. The exchange offer is not being made, directly or indirectly, in the Republic of Italy. The exchange offer and the prospectus has not been submitted to the clearance procedure of the Commissione Nationale per le Societa e la Borsa ("CONSOB") pursuant to Italian laws and regulations. Accordingly, neither the prospectus, this ad-hoc disclosure nor any other documents or materials relating to the exchange offer or the securities may be distributed or made available in the Republic of Italy. Branche: Clothing ISIN: DE0005692107 WKN: 569210 Index: CDAX, Classic All Share, Prime All Share Börsen: Berlin / Open Market Hamburg / Open Market Stuttgart / Open Market Düsseldorf / Open Market Frankfurt / regulated dealing/prime standard München / regulated dealing

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